Every day we're bombarded with more news about stricter lending practices and how difficult it is now for individuals to qualify for home loans. Most of the time we assume that only those with less then stellar credit or those looking at 100 percent financing are facing these problems.
I think a lot of us forget that this big mortgage mess impacts even those with good credit. USA Today had a great article in Tuesday's paper about the effects that tighter lending practices are having on credit worthy borrowers. A quarterly Federal Reserve study showed 55% of US lenders had tightened standards for prime mortgages, which impacts borrowers with good credit. The study reports that about 60% of US Banks have instituted tougher criteria for revolving home-equity credit lines.
I think a lot of us forget that this big mortgage mess impacts even those with good credit. USA Today had a great article in Tuesday's paper about the effects that tighter lending practices are having on credit worthy borrowers. A quarterly Federal Reserve study showed 55% of US lenders had tightened standards for prime mortgages, which impacts borrowers with good credit. The study reports that about 60% of US Banks have instituted tougher criteria for revolving home-equity credit lines.
Read more about USA Today's report and the hurdles faced by credit worth borrowers
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